Trane Technologies (TT) FY2018 results: revenue $12.3 billion, down 13.1% on the year
Trane Technologies plc (TT) reported revenue of $12.3 billion for fiscal 2018, the year ended 31 December 2018, down 13.1% on the year before. Net income was $1.3 billion, up 2.7%, and diluted earnings per share $5.35. The figures are the company's own, from the 10-K it filed with the SEC on 12 February 2019.
Revenue
$12.3 billion
-13.1% on the year
FY2011FY2018
Operating margin
12.2%
11.7% a year earlier
FY2011FY2018
Net income
$1.3 billion
+2.7% on the year
FY2011FY2018
Diluted EPS
$5.35
+5.9% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
12,344
14,198
13,509
-13.1%
Cost of revenue
8,582
9,812
9,308
-12.5%
Gross profit
3,761
4,386
4,201
-14.2%
Gross margin
30.5%
30.9%
31.1%
Research and development
167
211
208
-20.9%
Selling, general and administrative
2,249
2,721
2,598
-17.3%
Operating income
1,512
1,665
1,603
-9.2%
Operating margin
12.2%
11.7%
11.9%
Interest expense
221
216
222
+2.3%
Pre-tax income
1,258
1,418
1,741
-11.3%
Income tax
235
80.2
282
+192.9%
Effective tax rate
18.7%
5.7%
16.2%
Net income
1,338
1,303
1,476
+2.7%
Net margin
10.8%
9.2%
10.9%
Diluted EPS
$5.35
$5.05
$5.65
+5.9%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
1,408
1,524
1,522
-7.6%
Capital expenditure
285
221
183
+28.6%
Free cash flow
1,123
1,302
1,339
-13.8%
Free cash flow margin
9.1%
9.2%
9.9%
Cash from investing
-629
-375
240
Cash from financing
-1,379
-1,432
-727
Depreciation and amortisation
362
353
352
+2.3%
Share-based compensation
78.8
70.8
69.6
+11.3%
Buybacks
900
1,017
250
-11.5%
Dividends paid
480
430
349
+11.5%
Dividend per share
$1.96
$1.70
$0.00
+15.3%
Diluted shares, weighted
250m
258m
262m
-3.1%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
7,023
7,140
6,644
-1.6%
Non-controlling interest
42.1
66.6
74.5
-36.8%
Debt
4,091
4,057
4,060
+0.8%
Other liabilities
6,759
6,909
6,619
-2.2%
Total liabilities and equity
17,915
18,173
17,397
-1.4%
Fixed assets
1,731
1,551
1,511
+11.6%
Goodwill
5,099
5,936
5,658
-14.1%
Intangible assets
3,635
3,743
3,785
-2.9%
Cash and equivalents
878
1,524
1,715
-42.4%
Receivables
2,679
2,477
2,223
+8.1%
Inventory
1,678
1,555
1,386
+7.9%
Other assets
2,215
1,386
1,119
+59.8%
Total assets
17,915
18,173
17,397
-1.4%
10-K for the year ended 31 December 2018, filed 12 February 2019: the filing.